TMCnet News
SilverFox Innovations Agrees to $1.1 Million Settlement for Misappropriating Trade Secrets from Chromatic Technologies Inc.Chromatic Technologies Inc. (CTI (News - Alert)) announces that SilverFox Innovations has agreed to a $1.1 million settlement and a 10-year permanent injunction, following a June 5, 2015 jury verdict that found, beyond a reasonable doubt, that four former CTI employees misappropriated trade secrets and that their actions were attended by circumstances of fraud, malice, or willful and wanton conduct (High-res JPEG of inks available: click here). "CTI is happy with the jury verdict and the settlement payment. We have extensive intellectual property and trade secrets and will aggressively defend them," said CTI Founder Lyle Small. "We were shocked and disappointed that four former employees chose to take company secrets and use them against us. The potential consequences of damages trial could have been devastating for the defendants. We decided that allowing the SilverFox principals this settlement was a reasonable gesture to let everyone get on with their lives." The four individual defendants, Rob Ugianskis, Eric Cathie, Jake Melcher and John Davis, are bound to a 10-year Permanent Injunction issued by the El Paso County, Colorado District Court, prohibiting them from serving in any sales or technical support capacity for thermochromic (temperature-sensitive) metal decorating ink products. About Chromatic Technologies Inc. CTI is located in Colorado Springs, Colorado, U.S.A., and was founded in 1993. CTI (http://www.ctiinks.com) focuses on proprietary chemistry that alerts, protects and surprises and includes materials that react to heat and cold, light and pressure, as well as anti-counterfeiting taggants. CTI is the world's largest manufacturer of thermochromic materials for packaging, and exports to 52 countries. CTI has also recently been awarded new patents for thermochromic inks for metal decoration. The company's latest innovation is its "Color Explosion" capability, which provides a dramatic increase in color palettes targeted to customer-driven needs such as communicating cold refreshment, flavor enhancement and engaging inspiration for settings reminiscent of the tropics, nature, modernism and nightlife. View source version on businesswire.com: http://www.businesswire.com/news/home/20160210006443/en/ |
